Suzlon Group has signed a binding agreement with Centerbridge Partners LP, USA to sell 100 per cent stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group. The deal is valued at EUR 1 billion (approx Rs 7200 crore) equity value in an all cash transaction and future earn out of up to an additional EUR 50 million (approx Rs 360 crore). The transaction is subject to regulatory and other customary closing conditions. The 100 per cent stake sale of Senvion SE is in line with Suzlon´s strategy to reduce debt and focus on the home market and high growth markets like the USA and emerging markets like China, Brazil, South Africa, Turkey and Mexico.
The transaction is expected to be closed before the end of the current financial year. Tulsi Tanti, Chairman, Suzlon Group said, ¨We are pleased to announce this development which is in line with our strategic initiative to strengthen our balance sheet. The proceeds would be used for debt repayment thereby reducing interest cost and augment business growth. We will focus on high growth markets like India, USA and other emerging economy markets.¨
Stefan Kowski, Managing Director at Centerbridge, said, ¨The global market environment for renewable energies is promising for a wind turbine manufacturer, particularly for one of the most experienced players in the industry with onshore and offshore capability.¨
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